"We are taking further steps to reduce costs and capital expenditures to continue to strengthen our financial position during a period of weak and uncertain market conditions," said Steve Letwin, president and CEO of IAGOLD.

"While we have strived to avoid impacting jobs at the operations, this is a necessary step for the long-term viability of the Rosebel mine for the mutual benefit of Suriname, the employees and our investors."

There was no comment on what if any on how the cost cutting would impact Rosebel Mine, a open pit gold mine 80km South of Paramaribo. In 2015 the mine was expected to produce between 290,000 to 300,000 ounces.

Year to date the company is down 28.52% to $1.92.

The company said cost cutting over the past two years has resulted in approximately $175 million and improved productivity at its mines, resulting in a drop of the Company's all-in sustaining costs ("AISC") at its gold mines by $120 per ounce since Q2 2013.